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April
2014

Forward-looking

Statements:

This

presentation

contains

certain

forward-looking

statements

(as

such

term

is

defined

in

Company. See Statement on Forward-Looking Statements in the Appendix to this
presentation.

the

Securities

and

Exchange

Act

of

1934,

as

amended)

relating

to

future

events

and

the

financial

performance

of

the

2

AGENDA



Summary Observations



Sothebys Is a Market Leader with Outstanding Results Driving Superior

Shareholder Returns



Sothebys Capital Allocation Strategy Creates and Delivers Long Term

Value to Shareholders



Sothebys Has the Right Board and Leadership to Deliver Shareholder

Value Now and into the Future



Third Point Has Made No Case That Change Is Warranted; Mr. Loebs

Slate Adds No Incremental Relevant Expertise to Your Board

SUMMARY
OBSERVATIONS

4

OVERVIEW OF SOTHEBYS

Financial Services

(2% of Revenues)

Agency

(93% of Revenues)

Key Facts



High value market maker in the art and

collectibles market place, adding value

through expertise



Matches buyers and sellers through

the auction or private sale process



Expertise in valuing art and relationships

create opportunities to provide liquidity to

clients



Provides art owners with financing secured

by works of art, through near-term auction

advances and general purpose term loans



SFS supports activity in the core Agency

business and generated ~10% of Sothebys

Agency auction sales during past 5 years



Unique market position and

relationships create attractive

investment opportunities



Directly purchases and resells works of

art



Includes retail wine sales

Revenues by Region¹

Three Business Segments

Note: Percentages do not add to 100% due to Other revenue and rounding.

¹

Revenue by region based on auction sale location.

Sothebys Is the Only Publicly Traded Investment Opportunity

in the Art Market and Has No Relevant Public Market Comparables

Revenues by Category

United

States

41%

U.K.

27%

China

18%

France

5%

Switzerland

5%

Rest of

World

4%

Other

Paintings

9%

Old Masters

4%

Contemporary

27%

Impressionist

22%

Asian

17%

Other

11%

Jewelry

10%



Strong Prospects for Growth

o

90 locations in 40 countries

o

9 auction sales rooms around the world

o

Received bids from over 100 countries in 2013



Industry Leader with Global Presence

o

One of only two global auction franchises and the fastest

growing auction house in 2013 and Q1 2014, following a

diversified path to growth

o

Global, enduring brand serving high net worth individuals

o

No company better positioned as wealth creation leads to

additional collectors

Principal

(4% of Revenues)

5

HISTORY OF DELIVERING SHAREHOLDER VALUE

One Year TSR

Five Year TSR

Ten Year TSR

Source: Bloomberg; market data as of April 4, 2014

Note: Ten year TSR for S&P Global Luxury Index is indexed as of June 30, 2005,
when the index began trading